--- title: Nearly 75% of Adults Failed a Basic Financial Literacy Test description: Only 27% of U.S. adults passed a basic financial quiz, highlighting major gaps in money knowledge, per a new FINRA study. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 499 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ editors: - name: Katherine Peach role: Associate Editor url: https://money.com/author/katherine-peach/ bio: Katherine Peach is an associate editor with a focus on news and email at Money. Her writing and editing work has been featured in Investing Daily, Clever, Investor Junkie, The Palm Beach Letter, Truth & Plenty, Independence Monthly, NICHE, AmericanStyle, AntiqueWeek, Millennial Money, Money Done Right, TheStreet, Sure Dividend and many others. education: University of Maryland, Baltimore County at_money_since: 2025 articles: 14 covers: - Personal Finance - Banking - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Federal Reserve Rate Cuts - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes published: '2025-09-10T13:03:48.000Z' section: Personal Finance tags: - News word_count: 536 canonical: https://money.com/adults-failed-basic-money-quiz/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Woman with a pondering expression, with question marks in the background](https://img.money.com/2025/04/News-Money-Questions.jpg) America’s financial literacy report card is in, and the results aren’t good. Only 27% of U.S. adults passed a seven-question quiz about basic financial concepts, according to [results](https://www.finra.org/media-center/newsreleases/2025/finra-foundation-releases-state-state-financial-knowledge-findings) from the FINRA Foundation’s latest National Financial Capability Study. The multiple-choice quiz tests general knowledge of inflation, interest rates and probabilities without the need for complicated math. “Knowledge of everyday financial concepts remains a challenge for many Americans,” said Gerri Walsh, president of the FINRA Foundation, in a [statement](https://www.finra.org/media-center/newsreleases/2025/finra-foundation-releases-state-state-financial-knowledge-findings). ## Debt holding you back? ### If you owe over $20,000, learn how Freedom Debt Relief can help you reduce or eliminate it. Select your state and act now! [Visit Site](https://money.com/pr/p968da151c7a?ap_referrer=%2Fadults-failed-basic-money-quiz%2F) The foundation, which is the education arm of FINRA, the financial industry's self-regulatory body, has conducted the wide-ranging study every three years since 2009. This year, the average score on the quiz was just 3.3 out of 7. In school terms, that’s about 47%, or an F. Only in 2009 did the average score equate to a passing grade. Then, the average number of correct answers was 3 out of 5, for a grade of 60% — barely a D. The preliminary survey results released this month include only the scores for the financial literacy quiz. The remaining study, which includes a questionnaire on Americans’ financial situation and preferences from more than 25,000 adults, is slated for release in July. ## The smartest states in the U.S. for financial literacy FINRA Foundation’s sprawling survey includes at least 500 responses from each state. A breakdown of answers by state shows stark differences — with Minnesota barely edging out Wisconsin for the No.1 spot. In both states, more than 1 in 3 residents passed FINRA’s quiz. On the other hand, Mississippi and Louisiana have the lowest share of residents who passed — both below 20%. Here’s a look at how every state performed. | **State (top 25)** | **Percentage who answered at least five questions correctly** | **State (bottom 25)** | **Percentage who answered at least five questions correctly** | | --- | --- | --- | --- | | **1. Minnesota** | 34.8% | **26. Ohio** | 28.9% | | **2. Wisconsin** | 34.5% | **27. South Carolina** | 28% | | **3. Colorado** | 33.9% | **28. Pennsylvania** | 27.8% | | **4. Wyoming** | 33.8% | **29. New Jersey** | 27.8% | | **5. Washington** | 32.5% | **30. Maryland** | 27.6% | | **6. Vermont** | 32.3% | **31. Texas** | 27.3% | | **7. North Dakota** | 32% | **32. Oklahoma** | 26.9% | | **8. Oregon** | 31.9% | **33. Illinois** | 26.6% | | **9. Kansas** | 31.4% | **34. Kentucky** | 26.2% | | **10. Hawaii** | 31.3% | **35. Rhode Island** | 26.1% | | **11. Iowa** | 31.2% | **36. Florida** | 25.7% | | **12. California** | 31.1% | **37. Michigan** | 25.6% | | **13. New Hampshire** | 30.8% | **38. Georgia** | 25.5% | | **14. Montana** | 30.7% | **39. Nevada** | 25.4% | | **15. South Dakota** | 30.4% | **40. New York** | 25.2% | | **16. Maine** | 30% | **41. Tennessee** | 25.2% | | **17. Missouri** | 29.8% | **42. Arizona** | 24.4% | | **18. Alaska** | 29.5% | **43. Arkansas** | 24.2% | | **19. Idaho** | 29.4% | **44. North Carolina** | 24% | | **20. Delaware** | 29.3% | **45. Indiana** | 23,9% | | **21. Virginia** | 29% | **46. New Mexico** | 23.2% | | **22. Connecticut** | 28.9% | **47. West Virginia** | 21.4% | | **23. Massachusetts** | 28.9% | **48. Alabama** | 20.2% | | **24. Utah** | 28.7% | **49. Mississippi** | 19.2% | | **25. Nebraska** | 28.6% | **50. Louisiana** | 18.1% | _*Adam Hardy for Money. Percentages rounded to nearest tenth.*_ Think you can do better? [Take the quiz yourself](https://www.finra.org/financial_knowledge_quiz). One bright spot is that, compared to previous quizzes, respondents ~this time~ showed “significant improvement” on the question related to inflation, FINRA said. The question reads: “Imagine that the interest rate on your savings account is 1% a year and inflation is 2% a year. After one year, would the money in the account buy more than it does today, exactly the same or less than today?” The multiple choice answers are: more, less, same~,~ or I don’t know. This year, a high of 58% answered correctly, “likely reflecting the impact of lived experience as well as increased focus on the topic,” Walsh said. According to FINRA’s past studies, respondents who do well on the quiz typically manage their finances better than those who don’t score as highly — particularly when it comes to habits related to saving, spending and managing debt. America’s struggle with basic financial literacy has fueled a call for more personal finance education in the classroom. According to the Council for Economic Education, [35 states](https://www.councilforeconed.org/policy-advocacy/survey-of-the-states/?location=al2) now require students to take a course in personal finance to graduate. Proponents of personal finance education in schools hope the classes will translate into financially informed adults. However, [recent studies](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3338749) suggest the newly acquired financial knowledge doesn’t always translate into better financial habits. ## Reduce payments and make debt manageable with a Debt Relief program ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/25289/medium_2e7b27ce-b30d-40a3-beef-0139ecba6b47.png) Our Partner [VISIT SITE](https://money.com/go/7def997bf505?bidid=4063575298&pmeta=p129-c628-u31158&ptid=665770247&ptoken=4149cf2e6e463083acfd31d2d8fa1f7b) ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/23879/medium_3847e650-29eb-411b-9b8c-05deb0d02cbc.png) Our Partner [VISIT SITE](https://money.com/go/e285d67a5470?bidid=4063575304&pmeta=p129-c628-u31158&ptid=665770247&ptoken=4770b293c96b957237a0709f141858a7) ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/15565/medium_832cc4b7-74f8-4735-8fe1-6917816cbe8d.png) Our Partner [VISIT SITE](https://money.com/go/cb563ed9b1c3?bidid=4063575294&pmeta=p129-c628-u31158&ptid=665770247&ptoken=107c588e4005c099b62bacb90ae60acc) ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/22445/medium_ba73f26a-1e1e-4e49-9739-df1298783de6.png) Our Partner [VISIT SITE](https://money.com/go/3935219103b1?bidid=4063575321&pmeta=p129-c628-u31158&ptid=665770247&ptoken=a74862f0c144388e48acca1cb19fdc35) ![VISIT SITE](https://s3.consumersadvocate.org/prd/image/image/9246/medium_94931930-28cf-46b5-b09d-683979caec81.png) Our Partner [VISIT SITE](https://money.com/go/1f884f8e8e8b?bidid=4063575310&pmeta=p129-c628-u31158&ptid=665770247&ptoken=3ce1834d081a2f2e62c613e6f308f5f0) ![](https://s3.consumersadvocate.org/prd/image/image/25289/medium_2e7b27ce-b30d-40a3-beef-0139ecba6b47.png) If you owe over $20,000 or more, Freedom Debt Relief can help you get back on your feet! [Get Started](https://money.com/pr/u5c2defb44d4?ap_referrer=%2Fadults-failed-basic-money-quiz%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/adults-failed-basic-money-quiz/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Personal Finance", "item": "https://money.com/personal-finance/" }, { "@type": "ListItem", "position": 3, "name": "News", "item": "https://money.com/tag/news/" }, { "@type": "ListItem", "position": 4, "name": "Nearly 75% of Adults Failed a Basic Financial Literacy Test" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/adults-failed-basic-money-quiz/#webpage", "url": "https://money.com/adults-failed-basic-money-quiz/", "name": "Nearly 75% of Adults Failed a Basic Financial Literacy Test", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2025-09-10T13:03:48.000Z", "mainEntity": { "@id": "https://money.com/adults-failed-basic-money-quiz/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/adults-failed-basic-money-quiz/#breadcrumb" } }, { "@type": "NewsArticle", "headline": "Nearly 75% of Adults Failed a Basic Financial Literacy Test", "articleSection": "Personal Finance", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2025/04/News-Money-Questions.jpg", "width": 1500, "height": 1000, "caption": "News-Money-Questions" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. 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